Finance Minister acknowledges burden on salaried class, vows relief

ISLAMABAD, June 30: Finance Minister Muhammad Aurangzeb, addressing the media in Islamabad, underscored the government's commitment to tackling tax evasion among non-filers through decisive actions. He highlighted significant economic improvements attributed to government initiatives and expressed determination to clear fiscal backlogs as the new financial year approaches.
Aurangzeb disclosed international financial approvals, including one billion dollars from the World Bank for Daso and 400 million dollars from IFC for PTCL, emphasizing the importance of achieving macroeconomic stability. He outlined key budgetary principles aimed at increasing tax-to-GDP ratio to 13% over the next three years and implementing crucial reforms in LNG, power, and petroleum sectors.
Discussing anti-corruption measures, Aurangzeb emphasized the digitization of the Federal Board of Revenue (FBR) to minimize corruption and enhance transparency. He highlighted the restoration of economic stability and foreign institutions' renewed confidence, underscoring the transition towards sustainable economic growth.
Regarding fiscal policies, Aurangzeb addressed the registration of 42 thousand retailers for taxation from July 1 and measures to reduce public expenditure, including ministerial salary refusals. He assured that companies incurring losses would not face taxation and pledged expedited sales tax refunds.
Reflecting on economic challenges, he acknowledged the burden on the salaried class due to additional taxes and promised relief once financial conditions improve. Aurangzeb reaffirmed commitment to advancing IMF programs and steering the economy towards sustainability amidst import dependence and fiscal pressures.